Indian Gaming Association Notes to Financial Statements
Note 1: Summary of Significant Accounting Policies The financial statements of the Indian Gaming Association (IGA) have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), as applied to non-profit organizations. IGA's significant accounting policies are described below: Organization The Indian Gaming Association is a non-profit corporation incorporated in the District of Columbia on October 23, 1993 to provide services for tribal governments, members, and associate members. An Executive Committee, which includes three officers, governs IGA. The Executive Committee consists of the Chairman, Secretary, and Treasurer, elected on a biannual basis by the eligible voting membership at the annual meeting. Basis of Accounting IGA prepares its financial statements on the accrual basis of accounting. Under this method of accounting, revenue is recognized when amounts are earned and when the amount and timing of the revenue can be reasonably estimated. Expenses are recognized when they occur. Clarion Events, Inc., manages and runs IGA's trade show and performs all the related activities and accounting functions. Accounting information related to the trade show is from Clarion Events, Inc. Basis of Presentation Net assets, revenues, gains, and losses are classified based on the existence or absence of donor or grantor imposed restrictions. Accordingly, net assets and changes therein are classified and reported as follows: Net Assets Without Donor Restrictions – net assets available for use in general operations and not subject to donor (or certain grantor) restrictions. Net Assets With Donor Restrictions – net assets subject to donor or certain grantor imposed restrictions. Some donor-imposed restrictions are temporary in nature, such as those that will be met by the passage of time or other events specified by the donor. Other donor-imposed restrictions are perpetual in nature, where the donor stipulates that resources be maintained in perpetuity. Donor-imposed restrictions are released when a restriction expires, that is, when the stipulated time has elapsed, when the stipulated purpose for which the resource was restricted has been fulfilled, or both. Cash and Cash Equivalents For purposes of reporting the statement of cash flows, IGA considers short-term, highly liquid investments with an original maturity of three months or less and money market mutual funds, if any, to be cash equivalents.
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